Palmer Square Capital BDC Inc. (NYSE:PSBD) Given Average Recommendation of “Hold” by Brokerages

Shares of Palmer Square Capital BDC Inc. (NYSE:PSBD) have been assigned a consensus rating of “Hold” from the five brokerages that are presently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation. The average 12 month target price among brokers that have issued a report on the stock in the last year is $10.75.

PSBD has been the topic of a number of analyst reports. Wells Fargo & Company set a $11.50 price objective on shares of Palmer Square Capital BDC in a report on Wednesday, June 24th. Royal Bank Of Canada lowered their target price on shares of Palmer Square Capital BDC from $12.00 to $11.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 27th. Noble Financial started coverage on Palmer Square Capital BDC in a report on Wednesday, June 24th. They issued a “neutral” rating on the stock. Zacks Research upgraded Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. decreased their price target on Palmer Square Capital BDC from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Thursday, July 2nd.

Insider Buying and Selling at Palmer Square Capital BDC

In other Palmer Square Capital BDC news, major shareholder Martin C. Bicknell bought 21,484 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was purchased at an average price of $10.47 per share, for a total transaction of $224,937.48. Following the completion of the purchase, the insider directly owned 373,472 shares in the company, valued at $3,910,251.84. This trade represents a 6.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders bought 108,472 shares of company stock worth $1,155,558. 1.10% of the stock is currently owned by company insiders.

Institutional Trading of Palmer Square Capital BDC

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OV Management LLC purchased a new stake in shares of Palmer Square Capital BDC during the 2nd quarter worth approximately $38,867,000. Bank of America Corp DE grew its position in shares of Palmer Square Capital BDC by 10.9% in the 1st quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock valued at $5,637,000 after buying an additional 56,547 shares during the last quarter. Rivernorth Capital Management LLC grew its position in shares of Palmer Square Capital BDC by 43.8% in the 1st quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock valued at $8,154,000 after buying an additional 254,061 shares during the last quarter. NewGen Asset Management Ltd acquired a new stake in Palmer Square Capital BDC during the 1st quarter worth $720,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in Palmer Square Capital BDC during the 1st quarter worth $33,000. Institutional investors and hedge funds own 6.52% of the company’s stock.

Palmer Square Capital BDC Stock Performance

PSBD stock opened at $10.31 on Thursday. The company’s 50 day moving average price is $10.28 and its 200 day moving average price is $10.60. Palmer Square Capital BDC has a fifty-two week low of $9.34 and a fifty-two week high of $14.43. The firm has a market capitalization of $316.09 million, a price-to-earnings ratio of -10.42 and a beta of 0.84.

Palmer Square Capital BDC (NYSE:PSBD) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.16). Palmer Square Capital BDC had a positive return on equity of 11.22% and a negative net margin of 26.73%.The firm had revenue of $13.06 million during the quarter, compared to analysts’ expectations of $25.97 million. Equities analysts forecast that Palmer Square Capital BDC will post 1.47 EPS for the current fiscal year.

Palmer Square Capital BDC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Friday, September 25th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 14.0%. The ex-dividend date of this dividend is Friday, September 25th. Palmer Square Capital BDC’s dividend payout ratio (DPR) is -145.45%.

About Palmer Square Capital BDC

Palmer Square Capital BDC Inc (NYSE: PSBD) is a closed-end, externally managed business development company that provides customized financing solutions to middle-market companies in the United States. The firm offers a broad range of debt and equity products—including first-lien and second-lien senior secured loans, unitranche financings, mezzanine debt and equity co-investments—to support corporate acquisitions, refinancings, growth initiatives and balance sheet restructurings.

PSBD primarily targets established privately owned and sponsored businesses across diverse industries such as healthcare, business services, industrials and consumer products.